Fulfill your HST filing requirements and maintain organized HST records year-round with Filing Taxes. Canadian small businesses operating in specific provinces are required to register, file, and pay HST (Harmonized Sales Tax) to the Canada Revenue Agency (CRA) on a predetermined schedule. If you miss important deadlines or fail to complete this accurately, there will be hefty penalties.
We understand the importance of CRA HST deadlines and compliance and the impact these have on your business operations. HST filing compliance is essential for a business's financial success and growth.
At Filing Taxes, we assist corporations, small businesses, SMEs, and self-employed individuals with HST filing. You get peace of mind knowing that your HST returns are accurate and filed on time. With professional HST filing services, you can more confidently project your refund or remittance owed, so you can create accurate budgets and financial control.
What is HST Filing?
The harmonized sales tax has been around for a decade now, and during that time, it has caused business owners a lot of issues.
The Harmonized Sales Tax (HST) is a consumption tax in Canada. HST Filing is a mandatory process for any business owner. If you expect to make more than $30,000 in annual income as an entrepreneur or company proprietor, then it’s important that you apply for HST Registration and take the appropriate steps necessary to collect all this revenue tax-free.
It is used in provinces where both the federal goods and services tax and the regional provincial sales tax have been combined into a single value-added sales tax. HST return is filed monthly, quarterly, and yearly.
This tax is paid by consumers to a business on applicable goods and services. Businesses collect this HST paid by consumers and remit it to the CRA in a specified time frame after subtracting the HST paid on their own expenses.
The amount of HST you charge varies highly depending on which province you operate your business in. The maximum amount of HST in Canada is 15% and the lowest HST is 13%.
When is registration mandatory?
When you achieve sales over $30,000 in a single quarter, you cease to be a small supplier. When your cumulative revenues exceed $30,000 within the previous 12 months, then you also lose small supplier status and must register to collect and pay GST/HST amounts.
When you’re required to start collecting these amounts depends on how and when you cross the $30,000 threshold. Similarly, you are required to submit your registration application 30 days after the point when you lose your small supplier status.
Is HST Filing important?
It is imperative that every business file HST. If you want to stay on the good side of the law and the CRA, then you must charge HST and also that you record and file the tax amount accurately and on time. Registering for the GST/HST lets you claim the tax you’ve paid on business purchases such as capital property and office supplies.
HST return filing is more than just a year-end event. Maintaining organized records and tax planning strategies year-round is an important part of financial planning to help you grow your business.
According to the CRA late filing penalty guidelines, the penalties can vary depending on the specifics of the situation. A penalty is issued if you receive a demand to file and do not do so, and there are also penalty fees for filing incorrectly.
Why You Need Professional Business HST Filing Services?
HST Filing is best done through a professional accountant. You can avoid the financial surprises and confusion that so often accompany filing HST returns when you work with a professional business HST submission firm.
Filing HST as a business comes with many regulations, deadlines, and required documents. One miscalculation or missed document can lead to hefty fines and penalties. Small business HST filing services give you the ability to file your return easily and stress-free.
At Filing Taxes, we take care of your HST filing and ensure that all the numbers are correct. We also make sure that your HST filing is done on time and using the best possible method which can help you save on your taxes. As part of the HST reporting process, we also proactively organize your books to mitigate any complexities should you ever be audited.
We assist our clients in maintaining their HST records to allow for easy filing at the end of their reporting period, whether it be monthly, quarterly, or annually. We help compile relevant documents and information, accurately prepare your HST return, and oversee your HST-related costs. Irrespective of how large or small your business is, we regularly review filing periods to ensure they are appropriate and recommend changes as needed.
Rather than stressing out over your HST obligations, let the tax professionals at Filing Taxes optimize the way you file. As with other taxes, we know this area well and have been helping businesses navigate the HST since it was rolled out a decade ago. Our in-house HST experts can help with:
- Corporate Tax Preparation and Planning
- Personal Tax Preparation and Planning
- HST Filing Tips & Strategies
- Expert-level CRA Audits
We offer the following services for business HST filings:
- Registration support
- Worry-free filing
- HST Advising
- Representation on your behalf
- Navigating complexities
- Audit assistance
Our expert tax accountants can assist you in registering for your HST number if you are a new business or have just crossed the threshold for remitting HST. Some products and services are not subject to HST. Our experts interpret the regulations to prepare accurate HST return forms.
We handle the electronic HST filing for you, so you can avoid the complex paperwork and better spend your time managing your business.
How do your HST expenses and sales relate to each other? We can help find ways to maximize your HST expenses to mitigate your HST owing.
We represent your interests with the CRA to save you time. For your convenience, we handle all communication with the CRA on your behalf. With our help, you don't have to deal with the CRA yourself.
We navigate regulations that can impact your HST return form, like non-resident filing, backfilling, and amalgamations.
CRA HST audits are our specialty. We help you prepare and comply with them.
When you work with us, we handle each of these steps, so you have full confidence that your HST filing is being taken care of.
Let Filing Taxes handle your HST filing while you focus on what matters most - your business.
What is the best way to File HST?
There are two main methods for HST filing.
- The HST filing quick method.
- The HST filing regular method.
We use the best method to help your company save on their taxes. HST filing online and electronic HST filing are quick ways through which we can process your file with the CRA.
Each business has a different financial situation with different transactions. Depending on how many taxable expenses you have we can choose the correct HST filing method and help you save a lot of money at the end of each year.
Canada Revenue Agency HST Filing Deadlines
The deadline for your HST filing will vary significantly depending on which method you use for filing. You can file monthly, quarterly, or annually.
With monthly and quarterly reporting, your HST quarterly filing dates are one month after the end of the reporting period. With annual reporting, your HST filing is due 3 months after the fiscal year end-in all cases except if you have a fiscal year-end of December 31.
Typically, the HST return due dates for corporations for different filing periods are as follows:
- Monthly – one month after the end of the reporting period
- Quarterly – one month after the end of the reporting period
- Annually with a December 31st year-end
- Annually with a year-end other than December 31st
A monthly reporting period of July 1st to July 31st would have a filing and payment deadline of August 31st.
A quarterly reporting period of January 1st to March 31st would have a filing and payment deadline of April 30th.
A filing deadline of June 15th and a payment deadline of June 30th.
Three months following your fiscal year-end.
A custom year-end of August 31st would have a failing and payment deadline of November 30th.
For more information, visitthe Canada Revenue Agency.
HST Late Filing Penalty
Not adhering to HST filing deadlines risks incurring significant penalties which can impact your bottom line. Our goal is to ensure your HST filing is done correctly and on time, so you can avoid these harsh penalties and additional interest.
Let’s get in touch!
Filling out your HST doesn’t need to be a stress inducer. In fact, with the trusted tax pros at Filing Taxes lending a hand, HST filing is a breeze. To learn how we can help your business make the most of this misunderstood tax, reach out today.
By choosing our services, you will get
- Professional service.
As a registered company with the CRA and with over a decade of experience in HST tax filing we have helped thousands of individuals and businesses file their HST tax returns and resolve their tax problems.
- Friendly service.
Talking to you and listening to your concerns is a priority for us. We aim to build a long-lasting relationship with you.
- Year-round service.
We are open all year round. Whenever you need tax help and advice with issues such as answering the CRA requests, starting a business, purchasing a new house, and preparing for retirement, we are always at your service.
- A fair price.
We don’t just guarantee the quality of our work, but we also promise highly competitive rates which will be affordable for your business.
If you need your HST filing done and you’re not sure about the best way to get on track, then you can give us a call or send us a message. We’ll be sure to get back to you within 24 hours with the relevant information regarding your HST filing.
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